Talking Points …
- Pending home sales in California picked up steam in October and rose for the second straight month, portending a pickup in closed sales for the remainder of the year, according to the CALIFORNIA ASSOCIATION OF REALTORS®.
- California pending home sales were up in October, with the Pending Home Sales Index (PHSI) rising 2 percent from a revised 102.6 in September to 104.6 in October, based on signed contracts. October’s increase was the first back-to-back increase since early this year, when pending sales rose for three straight months, starting in January.
- The share of equity sales – or non-distressed property sales – edged up in October. Equity sales made up 91.1 percent of all sales in October, up from 90.9 percent recorded in September. Equity sales have been more than 80 percent of total sales since July 2013 and have risen to or above 90 percent for five straight months. Equity sales made up 85.5 percent of sales in October 2013.